The Alternative Loan Fact Sheet allows you to compare interest rates, loan fees, and repayment incentives on all of the alternative loans listed on this page. Before you select your lender, you will need to calculate the additional loan amount needed for the school year. You may refer to MSOE's Full-Time Undergraduate Student Expense Planner to help you calculate the amount needed. If you have questions regarding any of these loans, please contact the MSOE Financial Aid Office or the appropriate lender.
Alternative loans are from a lending institution; they are not part of the federal government guaranteed loan programs. Alternative loans are more expensive than federal government loans and should be used only when all other options have been exhausted. It is important for you to complete a FAFSA annually to ensure your eligibility is calculated for federal loan, grant, and Work-Study programs before you borrow from an alternative loan program.
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Please review the Alternative Loan Fact Sheet before applying for a loan. |
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Sallie Mae Smart Option Loan |
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Union Federal Private Student Loan |
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Wells Fargo Collegiate Loan |
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Charter One TruFit Student Loan |
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Returning Students: If you are a previous alternative loan borrower and your lender is not listed, view our returning students alternative loan page .
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The lenders selected above were rated on various aspects of their Stafford, Parent PLUS, and alternative loan products. Each lender that submitted information to MSOE went through detailed scoring of each loan product including but not limited to benefits offered, approval rates, loan servicing, and other services offered to MSOE students. Lender selection will be reviewed annually to ensure that the benefits that lenders offer continue to adhere to our student's needs. Any lender that no longer adheres to our needs will be removed, and new lenders that meet our criteria are added. At least three lenders will be presented to you at all times. You are free to select any lender, including those not presented. Application processing will not be delayed if you choose a lender not presented. MSOE maintains a professional relationship with all lenders. Our officials are prohibited from accepting financial or other benefits in exchange for displaying lenders. These include: receiving compensation to serve on any lender's board of directors or advisory boards; accepting gifts including trips and entertainment; allowing lenders to staff our institution's financial aid office; allowing lenders to place our institution's logo on any of their products; and owning lenders' stock (only pertaining to those college officials who make loan decisions for our institution). |
OE Number 003868